Income and Wealth Inequality in India, 1922-2023: World Inequality Lab (WIL) study | Current Affairs | Vision IAS
    • VisionIAS Logo
    News Today Logo
    SUN MON TUE WED THU FRI SAT
    1 2 3 No article 4 5 6 7 8 9 10 No article 11 12 13 14 15 16 17 No article 18 19 20 21 22 23 24 No article 25 No article 26 No article 27 28 29 30 31 No article

    Table of Content

    Income and Wealth Inequality in India, 1922-2023: World Inequality Lab (WIL) study

    Posted 21 Mar 2024

    2 min read

    • The WIL is a global research center focused on the study of inequality and public policies that promote social, economic, and environmental justice. 

     

    • Key findings of the study:
      • Inequality declined post-independence till the early 1980s, after which it began rising and has skyrocketed since the early 2000s.
      • By the end of 2023, India's richest citizens owned 40.1 percent of the country's wealth.
      • India’s top 1 percent income share is among the very highest in the world, higher than even South Africa, Brazil, and the US.

     

    • Issues with extreme inequality
      • It facilitates the disproportionate influence of wealthy people on society and government leading to plutocracy.
      • Poor people find it more difficult to escape poverty as they do not have the same opportunities.
      • Leads to lower overall economic growth.

     

    • Recommendations given in the study for removing income inequality
      • To improve the quality of economic data.
      • Broad-based public investments in health, education, and nutrition to enable the average Indian.
      • Restructuring of the tax code to account for both income and wealth.
        • A “super tax” of 2% on the net wealth of the wealthiest families can be imposed.
    • Tags :
    • Poverty
    • Income Inequality
    • Wealth Inequality
    Next Article
    Illegal cultivation of Pusa Basmati in Pakistan
    Watch News Today
    Download News Today